Emergency Funding Sought by Auto Suppliers

2009-02-08 04:44:27 (GMT) (WiredPRNews.com - Business, News)

automakers Chrysler and General Motors rush to meet their deadlines

Auto suppliers are reportedly in talks to obtain emergency funding for sustainability through the economic crisis.

Wired PR News.com – Auto suppliers in the United States are said to be in talks with the Treasury Department for emergency funding that would keep them afloat while getting past the recession. As reported by Reuters, parts suppliers spoke of the talks on Thursday as automakers Chrysler and General Motors rush to meet their deadlines in approximately two weeks to prove they have an effective sustainability plan to Congress, who approved their requests for billions in aid.

Motor & Equipment Manufacturers Association president, Bob McKenna, is quoted in the Reuters report as stating of the urgency of the need for assistance, “Without immediate credit availability, an onslaught of supplier company bankruptcies is inevitable in the coming weeks and months, which would have a devastating, long-term effect on the U.S. economy.”

Auto supplier bailout requests are said to total approximately $25 billion.